The Quest for Sustained Innovation

1. Alaina Jones
Regional Director
THE QUEST
FOR SUSTAINED
INNOVATION

2. Spigit offers everything you need to innovate
FROM CROWDSOURCED IDEAS TO BUSINESS IMPACT
employees | customers | suppliers | partners

3. BANKS | FINANCE | INSURANCE ENERGY | UTILITIES HEALTHCARE | PHARMACEUTICALS
BUSINESS | CONSUMER GOODS MANUFACTURING TECH | TELECOM
Spigit powers ideation for leading enterprises

4. 2018 Hot Button Issues
C-Suite Challenge 2018 – Conference Board
#1
#2
Failure to attract, retain and develop top talent
Creating new business models due to disruptive
technologies

5. Top strategies
• Create a culture of innovation that
encourages cooperation across
functions and business units and
promotes risk taking.
• Develop leaders and managers to
promote idea sharing in teams
• Raise employee engagement to
drive productivity
C-Suite Challenge 2018 – Conference Board

7. Measurement
3
Process
2
OBSTACLES TO OVERCOME ON YOUR QUEST
Culture
1

8. FOSTER A CULTURE OF INNOVATION
1
OVERCOMING
OBSTACLE

9. 3%
12%
13%
32%
32%
33%
39%
43%
57%
81%
86%
Reduce customer churn
Engage with external groups (partners, suppliers, customers)
CEO mandate
Reduce cost and waste/inefficiencies
Start our innovation
Accelerate the development of new products and services
Develop better products and services
Improve our existing innovation process
Build collaboration and creativity skills within our employees
Increase employee engagement
Foster a culture of innovation
#1
#2

10. MANY FACTORS
IN THE SCALE
EQUATION
FREQUENCY
DIVERSITY
OF PARTICIPANTS
DISTRIBUTION
ENGAGEMENT

11. MORE ESTABLISHED PROGRAMS RUN MORE CHALLENGES
CROWDSOURCING
CHALLENGES PER YEAR
2018 State of Crowdsourced Innovation Report
> 3 YEARS
< 3 YEARS
10
14+
INDUSTRY BENCHMARKS
18.8
Overall
benchmark
22
Financial
services
10
Manufacturing
19
Healthcare

12. INCREASING LEVEL OF ENGAGEMENT
Increases reported by both new and experienced programs
> 3 YEARS
< 3 YEARS
44% 60%

13. Human
resources
3%
PROJECT OR CHALLENGE SPONSORS EMERGE FROM
ALL PARTS OF THE ENTERPRISE
Innovation
44%
Strategy
12%
Technology / IT
10%
Research &
development
6%
Customer
service
3%
Operations
3%
Human
resources
3%
Marketing
3%
Product mgmt/
marketing1%
1%
Product
development
1%
Product design /
engineering
1% Supply chain
Cross-
functional
4%
Business
process
improvement
4%

14. COMPANY-WIDE PARTICIPATION BUILDS PROGRAM MOMENTUM
> 3 YEARS
< 3 YEARS
42%
25%
21%
Company-wide4+ groups1 group 2-3 groups
11%
6%
25%
Company-wide4+ groups2-3 groups
69%

15. NEARLY ONE-THIRD REPORTED THAT SOLUTIONS
CAME FROM OUTSIDE THE GROUP
31%

16. ESTABLISH A CONTINUOUS PROCESS
2
OVERCOMING
OBSTACLE

17. SUCCESS REQUIRES
A VARIETY OF
APPROACHES

18. MOST VALUED SOURCE OF INNOVATION INSIGHT
Innovation Enterprise Survey
40%
Internal
colleagues
90%External peers

19. Gathering
observations
or insights
Generating ideas to
solve problems or
capture opportunities
Selecting
solutions
Optimizing
implementation
of solutions
Understanding
problems or
opportunities
66%
49%
85%
45%
13%
81%
69%
100%
81%
38%
> 3 YEARS
< 3 YEARSENGAGING
ACROSS THE
LIFECYCLE

21. MANAGEMENT AND MEASUREMENT OF OUTCOMES
3
OVERCOMING
OBSTACLE

22. INSUFFICIENT FOLLOW UP
PUTS INNOVATION AT RISK
Identified insufficient
follow up as the most
frequently cited risk
THE GOOD NEWS: IMPROVING
IMPLEMENTATION IS TOP OF MIND
56%
Currently track
end-to-end process
from ideation to
market launch
16%
Plan to track
implementation
going forward
65%

23. CROWDSOURCING PROGRAM MEASUREMENT
7%
16%
23%
28%
30%
30%
32%
33%
Employee retention rates
NPS/satisfaction with the crowdsourcing challenge process
Employee innovation skills
Productivity/efficiency
Speed of the overall innovation process
Employee satisfaction
Speed of the ideation process
Employee collaboration/creativity skills
Employee engagement 81%

24. NOT MEASURING DIRECT
RESULTS IS A RED FLAG
Cite lack of
measurable results
as the biggest risk to
program success
63%
not tracking
actionable ideas
at all
43%
are tracking ROI
on some or all
actionable ideas
47%
THE GOOD NEWS: TRACKING ROI
ON SOME OR ALL ACTIONABLE IDEAS

25. Measure
outcomes
3
Establish a
continuous process
2
Foster a culture
of innovation
1
THE QUEST FOR SUSTAINED INNOVATION
IMPACT

26. FROM IDEA TO IMPACT
drive sustained innovation with Spigit